Jurisdiction(s):
United Kingdom

Survey finds over 70 per cent support for UK 'pot for life' pensions as DWP explores Lifetime Provider Model reforms

Published on: 29 April 2024

Published by a Law360 reporter

Legal News

Article summary

Findings from Social Market Foundation show that nearly three quarters of the 1,618 employees polled want the option for a single pension pot to accompany them each time they move job. When questioned about lifetime provider models, 73% of those aged 35 to 44 back the approach, and 69% of participants aged 45 to 54 express support as well, the study reports. In November 2023, the Department for Work and Pensions proposed changes that would allow staff to contribute to one retirement pot, rather than routinely opening a fresh scheme whenever they switch roles. That proposal differs from the prevalent pattern in which workers accumulate a more cumbersome mix of multiple pension pots as they change employers. The government has encountered opposition from private sector to these plans...

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